Introduction
Today, India is one of the largest playgrounds for AI to drive productivity and growth. Late 2022 and starting 2023 have marked significant milestones in AI innovation. Industries like healthcare, entertainment, education, drugs, and discovery in the Indian market are going to be significantly impacted by Gen AI. Due to this, millions of Indian citizens reap the benefits of next-generation AI applications. With the abundant digital data, India comes in as the second-largest market for generating digital data. Since generative AI requires a vast amount of data to make it highly effective, India has all the resources and power to leverage these AI technologies to go beyond the traditional paradigms and adopt an AI-driven approach in most of its domains. Today in this article, we will see the seven ways that generative AI can strengthen the Indian market in 2024.
7 Ways Generative AI Will Steer the Indian Market in 2024
1. Growing adoption of AI across industries
Although generative AI is still in its early stages, many Indian companies are actively exploring ways to incorporate it to improve their customer experience and productivity. With the release of new-gen AI models and architecture, Indian industries and companies want to focus on delivering digital capabilities. Even big tech companies are preparing to launch their latest Gen AI tools to support startups and promote access to Indian datasets and data exchange. In 2024, India will gain the upper hand in the AI landscape with government support in its development and deployment.
2. A Successful Digital Good
India has made history by developing incredible digital goods like Aadhaar and UPI under the vision of Shri Narendra Modi. This successful innovation has played a key role in shaping financial inclusion. Due to this, the government may deploy and develop advanced-gen AI accessible to the public. By doing so, everyone, regardless of their financial income, can have access to technology, and businesses can develop new products, services, and solutions to increase the economy.
3. Gen AI in Retail
India prides itself on its vast consumer base. In this emerging digital ecosystem, it’s high time to adopt Gen AI in the retail. If done correctly, by the year 2025, retail sectors can generate a profit of 20%. The best part is that this intelligent technology won’t reduce overhead but will increase sales with its personalized customer experience. Even the local shop can take advantage of personalized shopping with tools like Gen AI. In addition, India could rise as an influential player or take a leading role in implementing Gen AI for the retail sector worldwide.
4. Promising Benefits for Healthcare
In the Indian healthcare system, Gen AI can drastically prevent the shortage of clinical and non-clinical talent. According to the survey by EY, almost 60% of survey respondents believe that Gen AI will have a positive impact on the value chain, from clinical services to branding and customer operations. After the COVID-19 pandemic, healthcare systems started incorporating more technology, such as remote monitoring, online appointments, and electronic medical records (EMR). Some of the preliminary phases of AI tools are decision support, medical imaging, and precision medicine.
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5. Expansion of Biotech
Many Gen AI applications are used for new drug development and therapies. Well, biotech incubators and start-ups will be the driving force behind the growth of the Indian biopharma industry, as well as the early adopters of AI and Gen AI tools. This way, India is going to be on the global clinical trial map!
6. Transforming the Indian Tech Sector
In 2024, with the use of Gen AI in the tech sector, there will be significant impact on delivery, high revenue, a better customer experience, and high internal efficiency. Because Gen AI will single-handedly handle the areas of content creation, knowledge management, contextual applications, LLMS’s advanced classification and summarization capabilities. It can offer better self-service through text-to-voice solutions in multiple languages. By going through customer interactions and behaviors across their end-to-end journey, predictive AI can help businesses contextualize and personalize customer experiences. Deliver better experience through collaborative intelligence-augmented teams and simultaneously drive enterprise value through an optimal task with humans and AI Therefore, these services can provide value to their customers and transform the tech industry.
7. Huge Economic Boost
Today, India is the fastest-growing economic nation. According to the fifth-largest economy in the market exchange rate forecast by 2027, India will leave behind Japan and Germany. Its securing its position as the third-largest economy by 2027. By leveraging the immense capability of Gen AI for its productivity and enhancing different market sectors and industries, the increased adoption of Gen AI can substantially increase India’s growth trajectory, soon hitting milestones of US$359 billion to US$438 billion in its GDP in 2029–2023. Over the next seven years, Gen AI can contribute US$1.2 trillion to US$1.5 trillion.
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How will Generative AI shape India in the next 5 Years?
Generative AI will reshape industries with substantial advancements in natural language resources for more effective customer engagement and content creation. Multimodal AI models that combine text, images, and videos will revolutionize creative industries, and the healthcare sector to improve patient care. More advanced multimodal AI and AI assistance in healthcare applications and creative fields contribute to the development of generative AI solutions. These next five years will reshape the future of various industries, and India will play a leading and pivotal role in globalization.
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FAQs
Generative is used in large language models (LLMs), audio, creating visualizations, producing 3D models for video games, designing logos, enhancing or editing existing images, and synthetic data.
Generative AI is reshaping the world by revolutionizing industries through advancements in art, literature, design, medicine, and more, with its ability to create realistic and innovative content autonomously.
The different types of generative AI include transformer models such as generative adversarial networks (GANs) and variational autoencoders (VAEs), which are used for tasks like natural language processing (NLP), image generation, and data analysis.
No, it’s not. Alexa is a virtual assistant agent that is powered by machine learning and natural language processing (NLP). It responds to the queries by relying on its preprogrammed tools and interpreting data patterns. But it cannot produce new content like generative AI, nor can it generate images.
